Snap is tanking after disappointing earnings

It might be a beautiful day in Venice, CA, but things at the beach-headquartered Snap are not so sunny at the moment.

Snap reported disappointing revenue in its Q1 earnings report on Tuesday — and the market reacted like the volatile, fickle beast that it is. 

Snap missed investor expectations big time, reporting a quarterly revenue of $231 million. The expectation was $244.5 million, according to a Thomson Reuters consensus estimate.

And things aren’t likely to improve any time soon. CEO Evan Spiegel said that Snap’s growth is stalling.

“We are planning for our Q2 [revenue] growth rate to decelerate substantially from Q1 levels,” CFO Drew Vollero said. Read more…

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Source: Mashable | Snap is tanking after disappointing earnings